{"id":34984,"date":"2024-01-11T04:52:35","date_gmt":"2024-01-11T08:52:35","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34984"},"modified":"2024-01-11T04:52:35","modified_gmt":"2024-01-11T08:52:35","slug":"ethereum-price-rallies-5-and-outperforms-bitcoin-is-this-strong-bullish-sign","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/11\/ethereum-price-rallies-5-and-outperforms-bitcoin-is-this-strong-bullish-sign\/","title":{"rendered":"Ethereum Price Rallies 5% and Outperforms Bitcoin \u2013 Is This Strong Bullish Sign?"},"content":{"rendered":"

Ethereum price climbed higher above the $2,450 resistance. ETH outpaced Bitcoin and seems to be setting up for a larger increase toward $2,880.<\/em><\/p>\n

Ethereum is gaining pace above the $2,450 resistance level.
\nThe price is trading above $2,500 and the 100-hourly Simple Moving Average.
\nThere was a break above a key rising channel with resistance near $2,440 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is already up over 5% and might rise further above the $2,650 resistance.<\/p>\n

Ethereum Price Gains Strength<\/h2>\n

Ethereum price started a decent increase above the $2,350 resistance. Recently, BTC\u2019s spot ETFs were approved. However, there was no major increase in Bitcoin<\/a>, but ETH gained bullish momentum.<\/p>\n

There was a break above a key rising channel with resistance near $2,440<\/a> on the hourly chart of ETH\/USD. The pair surged over 5% and even cleared the $2,500 resistance zone. There was a spike above the $2,600 resistance zone. A new multi-week high was formed near $2,642 and the price is now consolidating gains.<\/p>\n

There was a minor decline below $2,600, but Ethereum stayed above the 23.6% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. Ethereum is now trading above $2,500 and the 100-hourly Simple Moving Average.<\/p>\n

If there is a fresh increase, the price might face resistance near the $2,650 level. The next major resistance is now near $2,720. A clear move above the $2,720 level might send ETH toward $2,780. A close above the $2,780 resistance could push the price further into a bullish zone.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The next key resistance is near $2,840. If the bulls push Ethereum above $2,840, there could be a rally toward $2,920. Any more gains might send the price toward the $3,000 zone.<\/p>\n

Are Dips Limited in ETH?<\/h2>\n

If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,580 level.<\/p>\n

The first key support could be the $2,500 zone or the 50% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. A downside break and a close below $2,500 might send the price further lower. In the stated case, Ether could test the $2,440 support. Any more losses might send the price toward the $2,350 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $2,500<\/p>\n

Major Resistance Level \u2013 $2,650<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price climbed higher above the $2,450 resistance. ETH outpaced Bitcoin and seems to be setting up for a larger increase toward $2,880.<\/em><\/p>\n

Ethereum is gaining pace above the $2,450 resistance level.
\nThe price is trading above $2,500 and the 100-hourly Simple Moving Average.
\nThere was a break above a key rising channel with resistance near $2,440 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is already up over 5% and might rise further above the $2,650 resistance.<\/p>\n

Ethereum Price Gains Strength<\/h2>\n

Ethereum price started a decent increase above the $2,350 resistance. Recently, BTC\u2019s spot ETFs were approved. However, there was no major increase in Bitcoin<\/a>, but ETH gained bullish momentum.<\/p>\n

There was a break above a key rising channel with resistance near $2,440<\/a> on the hourly chart of ETH\/USD. The pair surged over 5% and even cleared the $2,500 resistance zone. There was a spike above the $2,600 resistance zone. A new multi-week high was formed near $2,642 and the price is now consolidating gains.<\/p>\n

There was a minor decline below $2,600, but Ethereum stayed above the 23.6% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. Ethereum is now trading above $2,500 and the 100-hourly Simple Moving Average.<\/p>\n

If there is a fresh increase, the price might face resistance near the $2,650 level. The next major resistance is now near $2,720. A clear move above the $2,720 level might send ETH toward $2,780. A close above the $2,780 resistance could push the price further into a bullish zone.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

The next key resistance is near $2,840. If the bulls push Ethereum above $2,840, there could be a rally toward $2,920. Any more gains might send the price toward the $3,000 zone.<\/p>\n

Are Dips Limited in ETH?<\/h2>\n

If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,580 level.<\/p>\n

The first key support could be the $2,500 zone or the 50% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. A downside break and a close below $2,500 might send the price further lower. In the stated case, Ether could test the $2,440 support. Any more losses might send the price toward the $2,350 level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $2,500<\/p>\n

Major Resistance Level \u2013 $2,650<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34984","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34984"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34984\/revisions"}],"predecessor-version":[{"id":34989,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34984\/revisions\/34989"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34984"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}